The Indian stock market is expected to open higher on Tuesday, following a rally in global markets. The trends on Gift Nifty also signals a steady start for the frontline indices, Nifty 50 and Sensex today.
The escalation in the ongoing US-Iran war in the Middle East is likely to keep investor sentiment cautious, while focus will be on the trend in crude oil prices.
In the previous session, the Indian stock market witnessed a strong rally, led by fag-end buying, with the benchmark Nifty 50 closing above 23,400 level.
The Sensex spiked 938.93 points, or 1.26%, to close at 75,502.85, while the Nifty 50 settled 257.70 points, or 1.11%, higher at 23,408.80.
On the Nifty options front, Chandan Taparia Head Derivatives & Technicals, Wealth Management, Motilal Oswal Financial Services Ltd said that the maximum Call Open Interest (OI) is at 23,500 then 24,000 strike, while maximum Put OI is at 23,000 then 23,200 strike.
“Call writing is seen at 24,000 then 23,500 strike, while Put writing is seen at 23,000 then 23,200 strike. Option data suggests a broader trading range in between 22,900 to 23,900 zones, while an immediate range between 23,100 to 23,700 levels,” said Tapria.
Nifty 50 Outlook
Nifty 50 index formed a bullish candle with longer lower shadow, indicating bulls activating at lower levels and improving the ongoing sentiment.
“Nifty 50 broke the lower highs formation of the last three sessions and closed near its higher band. Now, it has to cross and hold above 23,500 zones for a bounce towards 23,700, then 23,850 zones while a hold below the same could see weakness towards 23,150 then 22,950 zones,” said Taparia.
Bank Nifty Outlook
Bank Nifty index jumped 655.55 points, or 1.22%, to end at 54,413.40 on Monday, and formed a bullish bodied candle with a longer lower wick on the daily scale, indicating buying interest at lower levels while resistances intact at higher zones.
“Now, Bank Nifty index has to cross and hold above 54,500 zones for an up move towards 54,750 then 55,000 levels, while on the downside, support is seen at 54,000 then 53,750 zones,” said Taparia.
Stocks to buy
Chandan Taparia has recommended three stocks to buy today, 17 March 2026. Taparia recommends buying Multi Commodity Exchange of India (MCX), Bajaj Finance and Mahindra & Mahindra (M&M) shares.
MCX | Buy | Target Price: ₹2,710 | Stop Loss: ₹2,478
MCX share price is in an overall uptrend and is respecting its 20 and 50 DEMA support zones with slight dips being bought into. The RSI indicator is positively placed which has bullish implications, Taparia said.
He recommends buying MCX shares for a target price of ₹2,710 apiece, while maintaining a stop loss at ₹2,478 level.
Bajaj Finance | Buy | Target Price: ₹930 | Stop Loss: ₹850
Bajaj Finance share price has formed a strong bullish candle near its major support zones with higher than average buying volumes. The Stochastic indicator has exited its oversold zones to confirm the price action.
Taparia has a ‘Buy’ call on the stock, with Bajaj Finance share price target of ₹930, and a stop loss of ₹850.
M&M | Buy | Target Price: ₹3,220 | Stop Loss: ₹2,950
M&M share price has formed a “Bullish Engulfing” pattern near its swing lows suggesting a possible reversal. The RSI indicator has bounced up from its oversold zones to support the up move, Taparia said.
He suggests buying M&M shares for a target price of ₹3,220 apiece, and keeping a stop loss of ₹2,950 level.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
